Single market news
24 pages
English
24 pages
English
Le téléchargement nécessite un accès à la bibliothèque YouScribe
Tout savoir sur nos offres

Description

N°54, 2009 - 2
Economy - Finance
Target audience: Specialised/Technical

Informations

Publié par
Nombre de lectures 29
Langue English
Poids de l'ouvrage 2 Mo

Extrait

N°54 2009 - 2
ISSN 1830-5210
Financial and
Economic Crisis:
Interview with David
Wright
Commission proposes
new initiatives on:
● Alternative Investment
Funds
● Remuneration
● Retail Investment
Products
54
EUROPEAN COMMISSION
33Contents
6 14 16 20
Interview with David Better EU standards for EU framework for Remuneration policy
Wright - Causes of the investment products Alternative Investment
financial crisis Funds
3 Editorial
4 News in Brief
6 Interview with David Wright - I Causes of the financial crisis
7 The EP - a vital partner for the Single Market
8 New European Observatory on Counterfeiting and Piracy
12 Interview with David Wright - II The Commission’s proposals
14 Better EU standards for investment products
15 For your diary
16 EU framework for managers Alternative Investment Funds
18 Interview with David Wright - III Global response to the crisis
20 Remuneration policy
22 Interright - IV The Single Market – a lever for recovery
23 Infringements
Editor Layout
Panayotis Stamatopoulos Dati Bendo
European Commission-Internal Market and Services DG
Unit A-4 Online
B-1049 Brussels http://ec.europa.eu/internal_market/smn.htm
Tel: +32 22961772
Fax: +32 22954351 © European Communities, [2009]
Reproduction is authorised provided the source is acknowledged.
Deputy Editor
Jacqueline Tordoir For further information
Tel: +32 22985663 http://ec.europa.eu/internal_market/index_en.htm
Fax: +32 22954351
Your Europe
Subscriptions http://ec.europa.eu/youreurope
Brona Meldrum - Internal Market and Services DG
SPA2 1/008 Photographs for this edition were supplied by:
B-1049 Brussels Dati Bendo and the European Commission
Fax: +32 22954351
E-mail: Markt-smn@ec.europa.eu
2Editorial
Jörgen HolmquistJörgen Holmquist
Director General for Internal Market
and Services, European Commission
In this edition of Single Market News, we take a close look at the Commission’s vision for
improving the EU’s financial framework in light of the global economic crisis. In developing
its work programme the Commission benefitted from the report of the High Level Group
on Financial Supervision chaired by Jacques de Larosière. The Commission’s ideas were
outlined in its 4 March Communication and provided very important input to the London
G20 summit on 2 April. In a wide-ranging interview with David Wright, Deputy Director
General of DG Internal Market and Services, we examine the Commission’s response to
the crisis.
We also look in detail at three new proposals from the Commission following the G20 – on
Alternative Investment Fund Managers (p.16), which aims to create a comprehensive and
effective regulatory and supervisory framework for ‘Alternative Investment Funds’ in the
EU, such as hedge funds and private equity; on remuneration (p.20), addressing the way
remuneration and incentive structures are determined for executives and other employees
in particular of financial institutions; and on Packaged Retail Investment Products (p.14),
to help consumers get a fair deal when buying investments.
In the field of counterfeiting and piracy, we have now launched the ‘European Observatory’
following a second successful high-level conference on 2 April (p.8). The Observatory will
be a platform to collect data, raise awareness, facilitate dialogue, exchange views and
share best practices between business and national authorities on enforcing intellectual
property rights. In the article you will find some interesting views from conference
participants on how counterfeiting and piracy affects their business. DG MARKT will
of course also take the views of consumer organisations into account on this important
issue.
Finally, in the context of the forthcoming European elections between 4 and 7 June, we look
at how the current European Parliament has played a crucial role over the past five years
in driving the Single Market forward and securing agreement on important legislation.
Tthe Services Directive and of course recent initiatives in relation to the financial crisis are
prime examples of this.
3News in Brief
Member States support new eco-design label
TVs, washing machines and refrigerators will be more energy efficient in the
near future as EU Member States have given the green light to a new energy-
labelling system. The new energy consumption standards for large electrical
home appliances are expected to cut the EU’s electricity consumption by
51 terawatt hours by 2020, which corresponds to the combined annual
electricity consumption of Portugal and Latvia. Building on the well-known
“A-G” energy efficiency classes, the new system allows consumers to judge
how much better a product is “better than A”. “A-20%”, for example, would
mean that the consumes 20% less energy than an “A” model
product. The measures will take effect by 1 April 2012.
European telecom sector is weathering the economic
downturn, Commission report says
In 2008 the EU telecoms sector was 1.3% above the overall economy’s real GDP growth of 1%. The
sector also continues to dampen inflation, with prices of phone calls and web surfing still dropping.
These are just some of the findings from the Commission’s Single Telecoms Market Progress Report
that was presented on 25 March. While the EU telecoms market remains dynamic, mainly due to
a growing mobile market and a steady increase of fixed and mobile broadband connections, the
Commission report also warns that divergent regulation in different EU countries continues to hinder a
real Single Market for telecoms for both operators and consumers. There are still notable competition
problems, while not all Member States have independent national telecom regulators.
All EU Member States now signed up to combat illicit trade
in tobacco products
The United Kingdom has joined the 26 other EU Member States and the EU as a signatory to
anti-contraband and anti-counterfeit agreements with tobacco manufacturers Philip Morris and
Japan Tobacco International. Every year, the EU and the Member States lose hundreds of millions
of euros in unpaid taxes from contraband and counterfeit cigarettes. The agreements include a
guarantee by the participating producers to make payments in the event of future seizures in the
EU of its genuine product. The agreements also oblige tobacco producers to step up their efforts
in the fight against illegal trade and counterfeiting of their products. “With all Member States
now on board, it will be more difficult for illegal traders to find loopholes,” said Commission
Vice-President Siim Kallas, responsible for anti-fraud.
Recently held: Conference on financial reporting in a
changing world
On 7-8 May 2009 the European Commission held a Conference on “Financial Reporting
in a Changing World” in Brussels. With the current financial turmoil having put financial
reporting at the forefront, the conference addressed a broad range of accounting issues
from both a political and a technical angle.
The first day focussed on overall policy issues in financial reporting. The second day was
dedicated to accounting issues raised by the crisis. One example is the pro-
cyclicality of financial statements and possible remedies such as dynamic provisioning. The
conference concluded with a debate on the future direction of financial reporting.
http://ec.europa.eu/internal_market/accounting/conference_052009_en.htm
4EU cuts costs of roaming texts, calls and data services
At its April plenary, the European Parliament voted in favour of new EU rules on calls, SMS and data roaming. From 1
July onwards, a text message sent from abroad will cost no more than €0.11, compared with €0.28 today. Also, a cap
of €1 per megabyte will be introduced on internet data roaming, which will further decrease to €0.50 by 2011. Finally,
mobile calls made abroad will progressively drop from €0.46 to €0.35 per minute by July 2011, and from €0.22
today to €0.11 for mobile calls received while roaming abroad. “This marks the definite end of the roaming rip-off in
Europe,” said EU Telecoms Commissioner Viviane Reding after the vote.
More dangerous products withdrawn from
EU shelves
According to the annual report on the EU’s rapid alert system for
dangerous non-food products, the number of dangerous consumer
products withdrawn from the EU market rose by 16% in 2008 compared
to last year. A total of 1866 notifications were reported by the system, 261
more than in 2007. Toys, together with childcare products (such as baby
walkers, cots and soothers), electrical products and motor vehicles were
among the most frequently reported in 2008. Also, the number
of alerts on products of Chinese origin increased: from 52% in 2007
to 59% in 2008. The report shows a trend that less and less dangerous
products are slipping through the net. According to the Commission, this
is mainly the result of more investment of resources and training by the
EU and the Member States.
Commission approves merger
between Swedish Posten and Post
Danmark
On 21 April, the European Commission cleared the
merger between “Swedish Posten” and “Post Danmark”,
the first merger between incumbent postal operators
in Europe. However, the Commission gave

  • Univers Univers
  • Ebooks Ebooks
  • Livres audio Livres audio
  • Presse Presse
  • Podcasts Podcasts
  • BD BD
  • Documents Documents